New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-23

THURSDAY. Sept. 22-P. NJ
The stock market opened this morning excited and
figures materially higher than last evenings closing
prices 1t would have done so without the announce
meDt OF Treasury polcy-to purchase $4,000 900
OF As or f2s at l25 and 10s 10 any time before
October Perhaps that announcement however. made
the first prices higher than they otherwise would have
been. There a rush to buy stocks on the part OF
boardrro traders who short" Whatever
may have been the disposition OF the great leaders
the bear" side this occasion when they rccog
nized the situation and appreciated the fact that 1t was
policy to let the smaller shorts" have the early
market: 1t would have been suicidal for the great
bears TO attempt to close their accounts They stood
aloof till the rush and then in their efforts to
depress prices put out additional lines OF contracts,
while from their headquarters they sent out bulletins o!
talk like tho following: We hope the Secretary will
have the whole sl4,OO00 900 OF bonds offered to him TO-
day. II that Will improve the business OF the iron
trade" (Which better rhan now, increase
railway earnings (which now are phenomeuaD and
bring buyers OF stocks into Wall Street tsOme han
absorbed all the stocks sold liquidation and some
100000 to 100000 shares of contracts to deliver all
right. But 1t Is only question how long London will
hold out rs buying power" This Is evidence that ir
not the leading bears who were buyers at Mon
days and yesterdays lowest prices In fact the market
for borrowing stocks to-day stringent than IL
has been before, and stocks commanded premium
for The bulletin also indicates that the OF tight
money losing its force and that subject is looked
after TO release from the hole into which have
trapped ourselves. There has not been day this year
when there 20 talk about tight money Every
one with the experience of halfdozen years has
the aggregate OF the associated banks OF
this city 100000 aud Si,000000 below % per cent
to deposits without murmur about tight money. Bus
this year It has been scarecrow which has been
well and skfully worked. The press generally
has aided the movemsnt till banks with 80 to
AZ per cent OF reserves have refused to loan on
the best collateral similar policy in 1885.
when the banks carrying $S0,000000 Oh
OF surplus. would have made tight lookup OF
81. 100000 surplus reserve by National bank is no
less lookup than a withdrawal Of like amount by
Spectator and the hiding OF It in private vault In
either 1t Is Withdrawn from the market Besides
this there is question that there have been secret
ock.ups Of large sums OF money, which future bank
will develop rhe question for spectators Is.
Has the object OF the lookup been accomplished
Whether II has not the action OF the Treasury Is likely
break the power Of the combination. After material
setback from first figures there followed general Inn
provement the values OF good properties and they
closed close the best prices OF the day The
shor interest Is large but IL Is not much scattered
as IL at the close OF last week.
The Treasurys offer to purchase $4,000 600 OF is or
4las at 1875 and 1OS4O respectively advanced the bids
up its guresl2 per cent for the As and Il per
cent for the 2s xed are tie closing quotations: